Edaa launches ‘paying agent’ service for market participants

The Securities Depository Center Company (Edaa) on Tuesday launched the “paying agent” service, which will be an optional service for listed companies and funds, to improve the current distribution procedures.

The new service is part of Edaa’s strategic plans to provide innovative and efficient solutions for all market participants, it said in a statement.

Through the service on Tadawulaty, Edaa aims to provide issuers with comprehensive services to facilitate completing procedures related to dividends distribution to ensure prompt cash transfers, accurate shareholders’ information and dividends entitlements.

It further aims to enhance control over the systems and reducing costs of cash transfers for issuers, the statement added.